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- What is a loan modification?
- Should I try to do this myself?
- How do I know if I will qualify for a loan modification?
- Why will the bank agree to my loan modification?
- What is predatory lending?
- Is it too late to save my home?
- What kind of loan can be modified?
- What is an acceptable Hardship situation?
- Will a loan modification help me stop foreclosure?
- What's the best way for me to stop foreclosure?
- How long does foreclosure take?
- What happens during a Loan Modification?
- Why don't I simply ask my lender for a Loan Modification myself?
- Is Loan Modification similar to Debt Consolidation or Refinancing?
What is a loan modification?
A Loan Modification is a way to renegotiate your current mortgage allowing you to maintain or repair your credit. Many aspects of your mortgage can be changed to your benefit, including the term of the loan, interest rate, balance of principle and monthly payments. It's even possible to have late fees waived. There are many opportunities opened through loan modification and each homeowner's situation is unique. A large number of homeowners will use loan modification to prevent foreclosure on their home. For anyone who is unable to make their monthly payments, or is in danger of being buried under a past-due balance, our skilled negotiators will contact your lender on your behalf to renegotiate the terms of your loan. We can help save your home and your credit.
Should I try to do this myself?
You need someone who understands your rights and the process of loan modification. Congress recently passed laws that give you special rights to help you modify your loan. We work for you. We are your advocates throughout the process. Possibly the most important reason you should work with us is the fact that all families who are candidates for loan modification are experiencing very difficult times. You need an advocate who understands how difficult it is for you and your family to weather such a storm. We understand. We care. We will help you. We guarantee it! Just call. We will help you.
How do I know if I will qualify for a loan modification?
The number one criteria your lender is looking at is your ability to make the new modified payment now and in the future. You’ll need to supply the lender with proof of your income and a complete and accurate financial statement detailing your income and expenses, to show them that, if granted the modification, you will be able to afford the new, lower payment.
Why will the bank agree to my loan modification?
The bank does not want your house. Nothing will please the bank more than finding a way for you stay in your home. We completely understand the process needed to prepare your application for a modification. Our processors have modified thousands of loans with all of the major and minor banks. Our history with the bank will quickly stabilize your situation and shepherd your family through the paperwork intensive process. Our applications are professionally prepared which makes the banks modification staff breathe easier when they receive your application.
What is predatory lending?
Predatory lending is a term used broadly to refer to various illegal and immoral activities many lenders engage in. These practices are a major cause of foreclosures, poor credit and unmanageable financial burdens. Our trained personnel are skilled at spotting predatory practices in your loans and using this to your advantage when negotiating on your behalf.
Is it too late to save my home?
No, just call. If your home hasn't been sold yet then there's still hope. Contact us immediately. Start the process to save your home now.
I've already tried negotiating on my own without much success. What more can you do?
Call us and speak to one of our experts. Our experience working with lenders means we know who to talk to and what to say in order to cut through red tape and get results that are unlikely for an individual to achieve. We only do loan modifications. Nothing else! We are professionals.
What kind of loan can be modified?
Almost any loan can be modified. Our knowledgeable staff is trained to deal will all types of loans and lenders. We can help you prevent foreclosure on any type of home loan including Arm, 80/20 HELOC, FHA, Rural Administration, VA, Freddie Mac, Fannie Mae, conventional, and the rest.
What is an acceptable Hardship situation?
Each homeowner has a unique set of circumstances that caused them to fall behind on their home loan, but generally the lenders consider divorce/separation, loss of income, death of spouse, co-borrower or family member issues, illness, job relocation, or military service to be acceptable reasons to consider a loan modification. A compelling hardship letter is a very important part of a successful application.
Will a loan modification help me stop foreclosure?
Yes, that is the goal. By working with your lender to find a loan workout solution, your loan is brought up-to-date and the foreclosure process is halted.
Can my missed payments be added back into my new loan modification?
Yes, the missed payments can be added to the new loan balance and spread out over the term to allow the loan to be brought up-to-date.
What's the best way for me to stop foreclosure?
Call us. If you believe you face the threat of foreclosure call us immediately. Our processing staff will give you immediate attention to protect your home and family. We give your case personal attention by taking into account your current and past financial situation to find the choice that works for you. Our goal is to prevent foreclosure. We strive to give you more than a quick fix; you'll get a lasting solution to your unique circumstances so you never have to face foreclosure again.
How long does foreclosure take?
After you are 90 days past due your lender normally issues a NOD (Notice of Default). Shortly after you receive this notice they will begin the legal process of foreclosure within the court system. Every state has different foreclosure procedures which must be strictly adhered too. If no steps are taken to prevent the foreclosure of your home then it will eventually be sold at auction. Do not wait, call us.
What happens during a Loan Modification?
During a loan modification the terms of your mortgage are renegotiated to bring the interest rate down to a percentage that fits into your budget and the monthly payment no longer presents a severe strain on your ability to meet your other financial obligations.
Why don't I simply ask my lender for a Loan Modification myself?
It would be great if borrowers and lenders had the ability to negotiate loan modifications, but the problem is two-fold: many lenders simply lack well trained loan officers who know how to negotiate and set up a loan modification in the first place; secondly, some lenders are more interested in recouping any potential losses up front via a foreclosure than they are in keeping a customer for a long period of time with the help of a renegotiated mortgage. In both cases it is the involvement of legal specialists that provide borrowers with the results they desire.
Is Loan Modification similar to Debt Consolidation or Refinancing?
The answer is a resounding no. Debt consolidation seeks to lump a group of unsecured debts into either a loan or a program that offers lower payments. It does not apply to mortgages. Refinancing a home requires the borrower to apply for a new mortgage for the home and as such will require a down payment, an appraisal, and a lot of fees for the lender. This is often not an affordable solution for a borrower who is already stretched to the max with the current mortgage payment and the existence of an adjustable rate mortgage that eats up a lot of the available funds on a monthly basis may actually be held against the applicant and thus causes the refinance application to be denied. Loan modification seeks to restructure an existing loan.